The Head of the Economics Department at the University of Benghazi, Dr. Helmi Al-Gumati, stated exclusively to our source that the agreement to link Libyan banks to the Cross-Border Interbank Payment System represents a positive step toward modernizing the infrastructure of international payments and facilitating trade transfers with China, particularly in terms of reducing time and costs and supporting the flow of documentary credits.<\/p>\n\n\n\n
He explained that this approach could achieve annual savings estimated between $300 million and $1 billion as a result of lowering transfer costs and reducing reliance on intermediaries. It may also partially contribute to reducing demand in the parallel foreign exchange market, which could be reflected in a limited improvement in the exchange rate in the short term.<\/p>\n\n\n\n
Al-Gumati added that this impact remains constrained by the structural imbalances in the Libyan economy, given the continuous monthly gap in foreign currency estimated at around $2 billion, meaning that the core of the crisis lies not in payment channels as much as in the imbalance between supply and demand for foreign currency.<\/p>\n\n\n\n
He indicated that the impact of this step on the exchange rate may remain within a relative improvement ranging between 10% and 20% at best, while its effect on inflation rates will be limited unless accompanied by effective control of public spending and a reduction in inflationary financing.<\/p>\n\n\n\n
He emphasized that the potential positive impact on foreign reserves will remain gradual and limited unless non-oil revenues are strengthened and the efficiency of foreign currency management is improved.<\/p>\n\n\n\n
He stressed that the success of this initiative requires integrating it within a broader reform framework that includes unifying fiscal policy, enhancing transparency, and readjusting spending priorities, in a way that ensures sustainable exchange rate stability and restores confidence in the banking sector.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Head of the Economics Department at the University of Benghazi, Dr. Helmi Al-Gumati, stated exclusively to our source that the agreement to link Libyan banks to the Cross-Border Interbank Payment System represents a positive step toward modernizing the infrastructure of international payments and facilitating trade transfers with China, particularly in terms of reducing time […]<\/p>\n","protected":false},"author":13,"featured_media":256746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[613],"class_list":["post-256745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-libya"],"acf":[],"yoast_head":"\n